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(In thousands of U.S. dollars, except for TCE rate, which is expressed in Dollars, and voyage days)
Drybulk Three Months Ended Nine Months Ended September 30, September 30, --------------------- --------------------- 2011 2012 2011 2012 ---------- ---------- ---------- ----------Voyage revenues $88,613 $46,881 $278,741 $186,388Voyage expenses (3,150) (5,733) (15,062) (14,244) ---------- ---------- ---------- ----------Time charter equivalent revenues $85,463 $41,148 $263,679 $172,144 ---------- ---------- ---------- ----------Total voyage days for fleet 3,197 3,233 9,619 9,715Time charter equivalent (TCE) rate $26,732 $12,727 $27,412 $17,719Tanker Three Months Ended Nine Months Ended September 30, September 30, --------------------- --------------------- 2011 2012 2011 2012 ---------- ---------- ---------- ----------Voyage revenues $3,400 $11,096 $8,748 $28,733Voyage expenses (121) (2,094) (271) (4,066) ---------- ---------- ---------- ----------Time charter equivalent revenues $3,279 $9,002 $8,477 $24,667 ---------- ---------- ---------- ----------Total voyage days for fleet 276 644 602 1,649Time charter equivalent (TCE) rate $11,880 $13,978 $14,081 $14,959 Dryships Inc. Financial Statements Unaudited Condensed Consolidated Statements of Operations(Expressed in Thousands of U.S. Dollars except for share and per share Three Months Ended Nine Months Ended data) September 30, September 30, -------------------------- -------------------------- 2011 2012 2011 2012 ------------ ------------ ------------ ------------REVENUES:Voyage revenues $ 92,013 $ 57,977 $ 287,489 $ 215,121Revenues from drilling contracts 226,036 285,662 461,991 712,152 ------------ ------------ ------------ ------------ 318,049 343,639 749,480 927,273EXPENSES:Voyage expenses 3,271 7,827 15,333 18,310Vessel operating expenses 21,066 21,006 64,772 64,802Drilling rigs operating expenses 84,639 160,098 188,777 390,490Depreciation and amortization 70,980 84,580 192,001 250,615Vessel impairments and other, net 1,893 38 89,637 1,001General and administrative expenses 28,422 35,331 86,592 106,475Legal settlements and other - (1,842) - (3,448) ------------ ------------ ------------ ------------Operating income 107,778 36,601 112,368 99,028OTHER INCOME / (EXPENSES):Interest and finance costs, net of interest income (35,985) (51,923) (80,646) (152,468)Loss on interest rate swaps (31,466) (27,777) (71,242) (49,491)Other, net 3,777 (1,177) 7,588 1,399Income taxes (7,778) (10,975) (17,556) (32,603) ------------ ------------ ------------ ------------Total other expenses (71,452) (91,852) (161,856) (233,163) ------------ ------------ ------------ ------------Net income/(loss) 36,326 (55,251) (49,488) (134,135)Net income/ (loss) attributable to Non controlling interests (11,300) 3,980 (13,811) 17,207 ------------ ------------ ------------ ------------Net income/(loss) attributable to Dryships Inc. $ 25,026 $ (51,271) $ (63,299) $ (116,928) ============ ============ ============ ============Earnings/(Loss) per common share, basic and diluted $ 0.07 $ (0.13) $ (0.19) $ (0.31)Weighted average number of shares, basic and diluted 355,764,523 380,152,244 348,286,721 380,152,244 Dryships Inc. Unaudited Condensed Consolidated Balance Sheets(Expressed in Thousands of U.S. Dollars) December 31, 2011 September 30, 2012 ----------------- ------------------ASSETS Cash and restricted cash (current and non-current) $ 656,709 $ 986,794 Other current assets 246,169 303,520 Advances for vessels and rigs under construction and acquisitions 1,027,889 1,025,520 Vessels, net 1,956,270 2,087,628 Drilling rigs, drillships, machinery and equipment, net 4,587,916 4,486,096 Other non-current assets 146,736 119,421 ----------------- ------------------ Total assets 8,621,689 9,008,979 ================= ==================LIABILITIES AND STOCKHOLDERS' EQUITY Total debt 4,241,835 4,453,519 Total other liabilities 441,192 535,938 Total stockholders' equity 3,938,662 4,019,522 ----------------- ------------------ Total liabilities and stockholders' equity $ 8,621,689 $ 9,008,979 ================= ==================
